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Lagos Draw Plans With Stakeholders For The Implementation Of Building Insurance On Properties Above 2 Floors

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The Lagos State Government is currently drawing out plans to introduce building insurance for properties with more than two floors.

The State Government, in conjunction with the Ministry of Physical Planning and Urban Development, is holding talks with relevant stakeholders regarding smooth and successful implementation of the building insurance requirement stipulated for buildings above two floors according to the Regional Planning and Development (Amendment) Law 2019.

In a bid to transcend towards the successful implementation of the law, the plan mandates the submission of Certificate of Insurance to the Lagos State Building Control Agency (LASBCA) by building owners. The Ministry met with Cornerstone Insurance Plc and the Institute of Estate Surveyors and Valuers in Alausa last week.

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Dr. Idris Salako, the Commissioner for Physical Planning and Urban Development, during the meetings, clearly stated that in order to safeguard the physical environment and ultimately guarantee the wellbeing and safety of Lagosians, it will be awesome to have an insurance policy for buildings above two floors.

Furthermore, he enjoined stakeholders not to take it with levity by according the matter with the seriousness it deserved. This will help in realizing the true intention of the law and save the state from needless agony in times of uncertainties. 

Is It In Line With The Lagos State T.H.E.M.E.S Agenda

The Commissioner went further to describe the newly introduced building insurance requirement. According to him, this is a true indication of the State Government’s determination to secure the built environment and achieve an orderly, organized, livable, and sustainable state as enshrined in the T.H.E.M.E.S Agenda of the present administration.

It will please you to know that the T.H.E.M.E.S agenda is an initiative of the state for development. It is, an acronym for Traffic Management and Transportation, Health and Environment, Education and Technology while making Lagos a 21st Century Economy, Entertainment and Tourism, as well as Security and Governance.

On behalf of Cornerstone Insurance Plc, Mr. Charles Nwachukwu expressed the company’s willingness to partner with the State Government to pilot the commencement of the Building Insurance Scheme.

Mr. Adedotun Bamigbola, Chairman, Lagos Branch of the Nigerian Institute of Estate Surveyors and Valuers, praised this present administration. He said Governor Sanwo-Olu has provided a law that is expected to address the ills bedeviling Lagosians as regards coping with disasters in the State. Also, The Institute of Estate Surveyors and Valuers is well-positioned to render reliable valuation of buildings for insurance purposes.

Mr. Salako, therefore, urged practitioners to cooperate with the State Government to realize its noble objectives for the building sector.

This information is more relevant to entrepreneurs in the real estate industry. What do you think? Is the state government right with this new development? We will like to read your comments.

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